USDJPY – Corrective Balancing Structure Holding | Dec 3
NOTE: We have an APA (Advanced Price Action Course) members webinar come the 12th, so make sure to sign up and be there.
Just a heads up tomorrow is NFP, and with a potential rate hike + the ECB meeting today, I’m guessing liquidity should be low till the event, but likely a big volatility spike after as longer term players are trying to position in between these events (NFP + potential FED rate hike in about 12 days).
Should be some interesting moves, so make sure to have smaller position sizes and wider stops for swing trades while avoiding any day trades till after the event.
USDJPY – Corrective Balancing Structure Holding For Now (4hr chart)
In our weekly market commentary, we talked about the key corrective balancing structure on the USDJPY being critical and maintaining a bullish bias. The pair climbed higher and tagged the structural highs with bears selling off from here further confirming the structure.
After a decent sell-off today post ECB meeting, the bottom of the structure and range support and held for now. I’m staying bullish while above this on a ST basis. On a MT basis, I’m also staying bullish while above 121.15.
Upside the first target would be the recent range highs around 123.50 and then 125.
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